Source: Gulf News
PureHealth picks 60% in Hellenic Healthcare as it continues overseas push
Dubai: One of the biggest healthcare companies in the Middle East, PureHealth will buy a 60% stake in Hellenic Healthcare Group. The latter is a privately-owned healthcare provider with a significant presence in Greece and Cyprus,
The deal values Hellenic Healthcare at $2.3 billion. It is currently owned 90% by CVC Capital Partners VI and 10% by the founder of HHG. After the PureHealth transaction, CVC Capital Partners will retain 35%, while the remaining 5% stake vests with the founder.
As for PureHealth, the deal takes it towards a stated aim to generate 50% of the UAE group’s medium-term revenues from outside of the GCC.
The deal confirmation comes even as PureHealth is associated with a potential takeover of UAE based NMC Healthcare, the largest private operator of hospitals in the UAE.
The Hellenic Healthcare deal also marks a continuation of PureHealth’s overseas push, whereby it has bought interest in the UK.
“The expansion into Europe strengthens our position as a global healthcare leader and our commitment to delivering transformative care and setting new standards of excellence globally,” said Hamad Al Hammadi, Chairman of PureHealth.
Strong network in Greece, Cyprus
Hellenic Healthcare has 10 hospitals and 16 diagnostic centres in Greece and Cyprus. With a capacity of over 1,600 beds, it serves around 1.4 million patients annually and has more than 6,700 healthcare professionals on its roster.
PureHealth had earlier completed the buyout of Circle Health Group, the UK’s largest independent operator of hospitals, for approximately $1.2 billion. Also, it bought a 26.05% stake in Ardent Health Services of the US for $500 million in 2022.
On ADX, the PureHealth stock is trading at Dh3.59, while the 52-week peak was Dh5.04.
“Integrating HHG into our portfolio not only reinforces our position in Europe but also creates significant value for our group by contributing to revenue diversification, driving operational synergies, and strengthening our financial performance,” said Shaista Asif, Group CEO at PureHealth.
“This move aligns with our vision of becoming a global leader in healthcare, with more than 50% of our revenues originating outside the GCC.”